Rukum purba: The financial closure has been confirmed for the Sanibheri Hydropower Project to be developed by the Expert Hydro Investment Company. The different banks and financial institutions under the leadership of Citizens Bank have agreed to invest in the development of the 44.52 megawatt project, which is based in wards no. 7 and 14 of Putha Uttarganga Rural Municipality in Rukum Purba district.
According to National News Agency Nepal, Citizens Bank would invest Rs 2.5 billion, Nabil Bank would invest Rs 1.5 billion, and Nepal Investment Mega Bank would contribute Rs 1.2 billion. Additionally, Sanima Bank and Siddhartha Bank are set to invest Rs 1 billion each for the project development.
CEO of Citizens Bank Ganesh Raj Pokhrel and Managing Director of Expert Hydro Santosh Raj Nepal signed a memorandum of understanding to this effect on Monday. The total cost of the project is estimated to be around Rs 9.6 billion.
The run-of-the-river project is targeted to be completed in 42 months, and the power generated will be supplied through the Baphikot Substation. The Nepal Electricity Authority has already executed the power purchase agreement (PPA) with the project.